Analyst says he showed strength for three DeFi altcoins amid the crypto pullback, updating the outlook for Bitcoin.
These 3 DeFi altcoins are being watched closely
A crypto strategist says he is keeping a close eye on three decentralized finance (DeFi) altcoins that he believes are showing strength during market consolidation. The pseudonymous analyst Altcoin Sherpa told his 190,400 Twitter followers that DYDX (dYdX), GMX (GMX) and Injective (INJ) exchanges are “in very good shape” as the crypto rally takes a breather.
cryptocoin.com As we mentioned, DYDX is trading at $3.24 with an increase of over 34% in the past day. GMX is worth $59.02 and IN is trading at $3.31, up 2% and 19%, respectively. As for trader Bitcoin (BTC), the king says the cryptocurrency may be following its setup in late 2018 to early 2019.
Altcoin Sherpa says that in 2018, Bitcoin recovered sharply after a multi-month downtrend. He says that BTC is currently exhibiting similar behavior. The analyst sees Bitcoin rise to $25,000 and adds that he has specific targets up to $30,000.
Opportunity for traders
A senior trader in the crypto space thinks that a layer-1 blockchain project offers an opportunity similar to what Ethereum (ETH) did four or five years ago. Chris Burniske, a partner at venture capital firm Placeholder, argues in a new interview with Bankless that Solana (SOL) is currently undervalued and has ETH-like potential as an investment. The trader said in a statement:
“I think if I had to pick an ecosystem that was contentious and that you had to watch out for and whose contention was underestimated, it would be Solana. Each bear market placeholder tends to choose one or two ecosystems and build an aircraft carrier strategy around that ecosystem. So last month [pazarı]ETH and Bitcoin because they were the only things large and liquid enough to really justify it.
If you buy Ethereum, you buy a bunch of core ETH assets, but then invest around that and really get to know this ecosystem and who all the people working on it are. Then you can choose the best of the teams that speak to you the most from the perspective of the venture. We are currently implementing the same carrier strategy around Cosmos and Solana.”
Burniske, who recently attracted attention as one of the traders who described the crypto market as the last crypto market bottom in November, argues that the three most exciting ecosystems in terms of user adoption and growth are Ethereum, Cosmos (ATOM) and Solana.
However, the trader notes that the valuations of Solana in the “enterprise phase” are much lower than Ethereum and Cosmos. Solana says valuations are now exactly where Ethereum was in 2018 and 2019.
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